If your store's products, categories, customers, ez-pages, etc, use ANY non-english-characters, then DO NOT DO THAT, else you'll find all your database content will contain odd annoying symbols where those characters were originally found.
If your database contains strictly english-only characters and no extended-character symbols, (ie: not even TM or (c) symbols), then the raw data-hacking approach you described may work if executed perfectly.
USE WITH EXTREME CAUTION!!!!
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